Want to buy rental property around Dallas.Any suggestions?

[Parth Desai]

Hi,

I am from Irving, Texas. I am new to real estate. Me and one of my friend are planning to buy a rental property in Dallas, Texas or in any around towns. Any suggestions ?

Also, Is it good choice to buy a property on the name of LLC as we are partners?

Any suggestions will be appreciated.

[Jim Cummings]

@Parth Desai. First advice before you do anything else, consult an Attorney and get a solid partnership agreement in place. An agreement that covers among other things; how to dissolve the partnership, what happens if one wants to sell and the other partner doesn't.  

You are probably friends now, but business can disrupt the friendship. Is one person aggressive, the other passive. Think through all the worst case scenarios, and have solutions in writing.

Good luck.